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Question
Salman deposits ₹ 1000 every month in a recurring deposit account for 2 years. If he receives ₹ 26000 on maturity, find:
- the total interest Salman earns.
- the rate of interest.
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Solution
Here,
Monthly amount P = ₹ 1000 per month
n = 2 × 12 = 24 months
and Maturity value = ₹ 26000
i. Total Interest = Maturity value – Deposited value
= ₹ 26000 – ₹ 1000 × 24
= ₹ 26000 – ₹ 24000
= ₹ 2000
ii. `S.I. = P xx (n(n + 1))/2 xx 1/12 xx r/100`
`2000 = 1000 xx (24 xx 25)/2 xx 1/12 xx r/100`
2000 = 250r
∴ `r = 2000/250`
= 8% P.a.
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